Maduro: Gas prices to spike in Venezuela to fight smugglers

CARACAS, Venezuela – Venezuelan President Nicolas Maduro says some of the world’s cheapest gasoline that his country’s drivers enjoy will soon be sold at world market prices to combat rampant smuggling.

Maduro said Monday he wants to stop Venezuela’s subsidized fuel from crossing illegally into Colombia and other neighbouring countries. He said the smuggling costs Venezuela billions.

It’s part of Maduro’s plan to overhaul an imploding economy, in which inflation is expected to top 1 million per cent this year.

Filling up a tank of gas in socialist Venezuela today costs less than one U.S. cent.

Maduro says Venezuelans showing their government-issued identification card at the pump will still be able to buy subsidized gasoline. He gave few other details of the planned changes.

Many Venezuelans who oppose Maduro’s government refuse the identification card.